Elysium needs keen developer | Noosa News | Local News in Noosa

The commercial agent tasked with finding a developer to resurrect the $400 million Elysium Noosa luxury residential estate is confident the hunt will yield fruit.

Darrell Innes, of CB Richard Ellis Sunshine Coast, said last Thursday he was encouraged by the level of interest in the 189-lot development.

Elysium was placed in receivership last September, with receiver-manager John Greig, of Deloitte, appointing CB Richard Ellis and Brisbane-based CapLand Real Estate Advisors as the commercial agents last month.

“We’ve had a pretty high level of interest that’s come in,” Mr Innes said.

“It’s coming from all over the place, including offshore, a lot of interstate stuff and a lot of interest from local and Queensland developers … some of the big groups.”

Mr Innes declined to name the developers, but said he was confident one would be found by the end of next month – the deadline Deloitte had given to find a buyer.

He said minor work only needed to be done to bring the remaining 158 lots to market, with all roads and services “pretty much completed”.

Deloitte also has control of 16 completed or partially completed homes, while houses have been built on the remaining blocks and sold.

Mr Innes said a developer might opt to build homes on the remaining 158 lots to achieve consistency of product and sell the lots as a home-and-land package, or sell the land only.

“The reality is this is a fantastic area, adjacent to arguably the best development in Australia – the Noosa Springs golfing estate,” he said.

The sole creditor, the Bank of Scotland, placed the project’s development company, Elysium Noosa Pty Ltd, and its parent entity, NR Nominees Pty Ltd, in receivership on September 23 last year.

Mr Greig previously declined to reveal what the bank was owed, but said it was a significant amount.

LJ Hooker Noosa principal Sharon Glasswell explained that for a multi million-dollar development like Elysium to work, it needed to be close to the beach or “have something to offer”.

“Elysium is just a bit out of the way, next to a busy road,” she said.